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WGO - Lazydays: Undiscovered Mispriced And Lower Risk Than Peer Camping World
Winnebago Industries Inc.
Lazydays (LAZY) is the second or third largest RV dealer in the fragment US RV dealership industry. Camping World (CWH) is the largest with ~20% market share. 2019 was a rough year for the industry. Following a decade long run of double-digit sales growth for the RV industry, inventories got too high in 2019 which led to industry wide discounting which impacted margins.
Source: RV industry Association
LAZY has 9.8M common shares out plus a $60M convertible preferred with a $10.06 conversion price that pays 8%. LAZY effectively has 15.8M shares out plus 4.6M in